深耕电声行业三十年，延伸布局健康医疗，打开业绩成长天花板。1）消费电子：公司坚持自主研发，具备LE Audio 技术、开放式佩戴耳机技术和空间音频技术等创新技术储备，为后续新项目的实施和新产品的开拓奠定了坚实的基础，同时公司持续导入新客户，助力业绩增长。2）健康医疗：天键OTC 助听器已在国内线上渠道销售，并已完成海外商标注册和团队建设，准备进一步拓展海外市场。此外，公司在研CGM、3D 耳道扫描仪、电子听诊器等新品。伴随助听器放量叠加新品批量生产，健康医疗业务有望加速增长。Event: On October 25,2023, the company released the 23-year quarterly report, realizing revenue of 1.288 billion yuan in the first three quarters,+61.43% year-on-year. The net profit attributable to the parent company was RMB 110 million yuan,+314.19% year-on-year; the net profit deducted from non-profit was RMB 102 million yuan,+94.70% year-on-year.
Performance exceeded market expectations. Quarter by quarter, 23Q3 realized revenue of 564 million yuan, year-on-year +84.72%, month-on-month +24.67%; net profit attributable to mother was 56 million yuan, year-on-year +9909.52%, month-on-month +60.52%. Deducted non-net profit of RMB 52 million yuan, year-on-year +131.51%, month-on-month +53.01%. 23Q3 Assets and credit impairment of RMB 10.8661 million yuan were withdrawn. The significant increase in Q3 performance was mainly due to the strong demand in consumer electronics fields such as gaming headphones, traffic headphones, emerging consumer electronics (AR glasses, smart slightly, car speaker, smart ring), etc., as well as the growth of medical related businesses such as medical hearing aids.
Gross profit margin increased month-on-month, and expense ratio remained stable during the period. 1) Gross profit margin: Gross profit margin in the first three quarters of 23 years was 20.30%, of which 23Q3 gross profit margin was 21.51%, month-on-month +2.13pct. With the increase in revenue share of high-margin gaming headphones, traffic headphones and medical hearing aids, the company's profitability is expected to continue to improve. 2) Period expense rate: 8.91% in the first three quarters of 2013, of which R & D, management, sales and financial expense rates are 0.65%, 3.83%, 5.96% and-1.53%, respectively.
Deep cultivation of electroacoustic industry for 30 years, extending the layout of health care, opening the ceiling of performance growth. 1) Consumer electronics: The company insists on independent research and development, and has innovative technology reserves such as LE Audio technology, open wearing headset technology and spatial audio technology, which lays a solid foundation for the implementation of subsequent new projects and the development of new products. At the same time, the company continues to introduce new customers to boost performance growth. 2) Health care: Tianjian OTC hearing aids have been sold online in China, and overseas Trademark Registering and team building have been completed, ready to further expand overseas markets. In addition, the company is developing new products such as CGM, 3D ear scanner, electronic stethoscope, etc. With the mass production of hearing aids, the health care business is expected to accelerate its growth.
Profit forecast: Based on the company's performance exceeding expectations in the third quarter, the company's net profit from 2023 to 25 will be increased to CNY 1.81/2.41/3.24 million (previous value: CNY 1.43/2.00/3.06 million). Maintain a "Buy" rating.
Risk tips: new product development is not as expected; consumer electronics demand slows; exchange rate fluctuation risk and so on.
